Operation
On April 14, 2026, the Brazilian group JHSF Participações, which controls the Fasano Group, finalized the purchase of 100% of the shares of Baluma SA, the company that owns and operates the historic Enjoy Punta del Este Hotel. The transaction was closed for USD 160 million and is still awaiting approval from Uruguay's Commission for the Promotion and Defense of Competition (Coprodec) to become fully effective.
The resort, located opposite Playa Mansa, was inaugurated in November 1997 under the Conrad brand and was acquired by the Chilean group Enjoy in 2013. Following a judicial reorganization process initiated by the Chilean firm, the property was on the market for more than two years. JHSF won the bidding war, which also included Uruguayan businessman Edgardo Novick, Italian Giuseppe Cipriani, and the Moneda Patria Investment fund.
Who is JHSF and what does the Fasano Group represent?
JHSF Participações is a Brazilian real estate holding company headquartered in São Paulo, founded in 1972 by brothers Fábio and José Roberto Auriemo. It has been publicly traded since 2007 and closed fiscal year 2025 with revenues of USD 740 million. Its business model focuses on the high-end segment, with four main lines of business: luxury hotels (Fasano brand), premium shopping centers (Cidade Jardim, Catarina), residential developments, and a private executive airport.
The Fasano brand is its flagship in hospitality. It operates hotels and restaurants in São Paulo, Rio de Janeiro, Salvador, Belo Horizonte, New York (Fasano Fifth Avenue, opened in 2021 and included by Vogue America among the eight best hotels in New York in 2022), Miami, London, Milan, and Sardinia, among other destinations. In Uruguay, JHSF has been present for over fifteen years through Fasano Las Piedras, in La Barra, a complex that combines a five-star hotel, private residences, and a golf course.
What's planned for the former Enjoy
The new project, to be called Fasano Peninsula, envisions an investment of between USD 400 and USD 500 million over the next four to five years. According to industry sources, this represents one of the most significant international capital investments in Uruguay in recent decades and, combined with the investment already made in Las Piedras, positions JHSF as one of the largest private investors in Maldonado's recent history.
The comprehensive plan includes:
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Hotel under the Fasano brand, with 292 rooms converted to the firm's standard.
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Renovated casino, maintaining the current operation of 4.000 m², 550 slot machines, 75 gaming tables and poker room.
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The CJ Punta shopping center (CJ stands for Cidade Jardim, the group's premium retail brand in Brazil) will double its gross leasable area from 10.000 m² to 20.000 m². It will add approximately 50 to 100 stores with international brands such as Balmain, Pucci, Chloé, Celine, and Brunello Cucinelli, as well as international dining options.
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Four residential towers under the branded residences model, with ultra-luxury apartments associated with the Fasano hotel service.
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Spa Fasano is designed to operate year-round, a key part of the strategy to combat the seasonality of the spa.
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Convention center with capacity for 5.000 people.
The first building improvements to the hotel and casino are projected to be completed before the 2027 season. The work will be carried out using a "clean construction" system, allowing the complex to remain operational throughout the process. The new owners confirmed the continuation of the more than 1.000 direct jobs currently provided by the resort, along with the initial reappointment of the management team.
Why it matters to Uruguay
The operation has a scope that extends beyond the resort itself. After the purchase was announced, JHSF executives—led by José Auriemo Neto, Chairman of the Board, and Augusto Martins, CEO—met at the Executive Tower with President Yamandú Orsi, Acting Minister of Tourism Ana Claudia Caram, and the Mayor of Maldonado, Miguel Abella. The political signal was clear: Uruguay wants to capitalize on this type of investment as an engine for its tourism sector.
There are several reasons why this investment by the Fasano Group is relevant for the country:
1. Unprecedented investment volume. USD 500 million concentrated in a single tourism-real estate project exceeds the usual amounts of the last decade in Uruguay and aligns with the large international operations that are reshaping Punta del Este, such as the Cipriani Ocean Resort (USD 450 million on the site of the former San Rafael) or the Fendi Château Residences (USD 150 million).
2. Vote of institutional confidence. The fact that a publicly traded group, with a presence in New York, London, Milan, and Miami, has decided to expand its investment in Uruguay fifteen years after choosing the country for its first international expansion—Las Piedras, in 2010—serves as a reputational endorsement for other global investors. Auriemo Neto was explicit in stating the desire to “expand investment due to the country’s growth prospects for the coming years.”
3. Importing a demand ecosystem. JHSF isn't just bringing square footage: it's bringing with it a client base with very high purchasing power—mainly Brazilians and Europeans—who already frequent its properties in São Paulo, New York, or Sardinia. For Punta del Este, this means direct access to tourist flows and real estate buyers who historically didn't visit the resort.
4. Employment and spillover effect. In addition to the 1.000 guaranteed direct jobs, there is a spillover effect on suppliers, local gastronomy, construction and professional services during the four years of construction and subsequent operation.
5. Combatting seasonality. One of the resort's structural challenges is operating almost exclusively between December and February. A complex with shopping featuring international brands, a premium spa, and a gastronomic offering designed for year-round appeal helps extend the season and solidify Punta del Este as a year-round destination, not just a summer one.
6. Repositioning the resort. Along with the arrival of Cipriani and the consolidation of brands like Fendi in real estate, Fasano's arrival in the heart of Playa Mansa places Punta del Este in a new category within the global luxury map, comparable to destinations like Saint-Tropez, Monaco or the Maldives in terms of supply and level of investment.
The context of the spa
During the last summer season, Uruguay recorded tourism revenue of USD 928 million. Sixty-five percent of visitors vacationing in Punta del Este reside in Uruguay, while the Enjoy resort, in particular, historically had a mix of approximately 40% Argentinians and 40% Brazilians among its guests. The acquisition by JHSF, with its ability to attract high-spending Brazilians, could gradually alter this composition.
At the property owner level, Punta del Este is consolidating its position as a destination for high-net-worth individuals seeking a combination of nature, legal security, exclusivity, and international service. The arrival of global operators with integrated ecosystems—hotels, residences, retail, gastronomy, and entertainment under a single brand—is accelerating this repositioning.
What's next
The transaction is awaiting regulatory approval from Coprodec, a process expected to take less than 30 days. Once operational control is assumed, JHSF will proceed with the first phase of improvements and, concurrently, begin development of the residential project. The complex, which has been on the market for over two years, thus begins its third transformation: from the Conrad of the 1990s to the Enjoy of the last decade, and now to the Fasano Peninsula, which aims to redefine, once again, what luxury means in Punta del Este.
International investments of this scale are a sign of the current state of high-end real estate in Uruguay. At Luxury Punta, we closely monitor how these transactions impact the supply of premium properties and the opportunities for buyers and investors in the local market.
